Norashikin, Chief Treasury Officer of KFH Malaysia

By Roubeeni Mohan

Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) and fintech startup MoneyMatch announced a strategic collaboration to provide cross-border payments for its customers.

The collaboration, the first of its kind between a foreign Islamic bank and a local fintech startup, enables the bank to deliver cutting-edge, Shariah-based solutions to its customers.

“KFH Malaysia is always seeking ways to innovate and grow the Islamic banking landscape in the country. The partnership with MoneyMatch enables our customers to perform cross border payments at an affordable, transparent and swift manner. In addition, this is in-line with the aspiration of Bank Negara Malaysia for financial institutions to provide value added services to customers by leveraging on fintech-based solutions” said KFH’s Chief Treasury Officer, Norashikin Mohd Kassim.

MoneyMatch Sdn Bhd revolutionised cross-border payments for businesses and individuals with the introduction of MoneyMatch Transfer in June 2017.

With less than two years in operation, MoneyMatch has made waves by introducing competitive foreign exchange rates and fees in the market with significantly faster transmission period compared to the traditional financial institutions.

To celebrate the launch of this collaboration, KFH Malaysia customers will be entitled to a 100 percent service fee waiver promotion for all native-currency cross-border payments made via its physical branches nationwide – valid until 31 August 2019.